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China Copper Imports In June Fall 27% From A Year Earlier

Metal News - Published on Mon, 15 Jul 2019

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Reuters reported that China’s unwrought copper imports in June fell 27.2% from a year earlier, official data showed that as a slowdown in the world’s second biggest economy continues to weigh on demand for the metal.

Arrivals of unwrought copper, including anode, refined and semi-finished copper products, were 326,000 tonnes last month, the General Administration of Customs said, down 9.7% from 361,000 tonnes in May and the lowest since February.

For the first half of 2019, unwrought imports were 2.27 million tonnes, down 12.5% from a year earlier, the data showed.

Factory activity in China, which is embroiled in a trade war with the United States, shrank more than expected in June in a bearish sign for the manufacturing sector that is a key source of copper demand.

Even a crackdown on imports of copper scrap that is expected to increase demand for other forms of the metal failed to keep unwrought imports buoyant.

Mr He Tianyu, a copper analyst with CRU in Shanghai said that “The demand is still weakening ... for most of the sectors, especially for air conditioning.” He added that “The trade war could be one of the factors but actually the bigger problem is China’s domestic demand. This summer is weaker than last year.”

Imports of copper concentrate or partially processed copper ore, were 1.47 million tonnes in June, the lowest since December. That was down 20.1% from 1.84 million tonnes in May and down 16.5% from a year earlier.

However, for the first half of 2019 imports rose 10.5% from a year earlier to 10.55 million tonnes, reflecting growing smelter capacity in China.

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Posted By : Rabi Wangkhem on Mon, 15 Jul 2019
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